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. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
, rangery. they're if disbelief over this decision that was struck between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and
. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a bill on capital controls which would be implemented once thi
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
-- what caused concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is conc
. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy russians. about a third of the deposi
Search Results 0 to 5 of about 6